Dubai International Capital exits Almatis to Oyak

News agency Reuters reported that DIC sold Almatis, which had an EBITDA of $100m in 2014, for almost $1bn.

The GP started the sale process, which was overseen by Barclays, earlier this year.

Previous funding
DIC bought Almatis for $1.2bn from Rhone Capital and Teachers' Private Capital in 2007. In 2010, Almatis underwent a restructuring, following decreased demand for its products as a result of the economic crisis.

Oaktree Capital, the largest single holder of Almatis's senior debt at the time, unsuccessfully tried to gain control of the company through a debt-for-equity swap.

The restructuring saw a $100m equity contribution from DIC, while approximately $600m of debt financing was provided by a consortium consisting of JP Morgan, Bank of America Merrill Lynch, GSO Capital Partners, GoldenTree Asset Managment and Sankaty Credit Opportunities IV.

Company
Founded in 1910 and based in Frankfurt, Almatis is a supplier of alumina for the refractory, ceramic and polishing industries. The company has 1,150 employees in 10 manufacturing locations worldwide.

People
Taco Gerbranda is chief executive officer of Almatis. David Smoot is chief executive officer of DIC.

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